In a collaboration that places the US company Deel at the top of the global payroll market, PaySpace, a payroll and HR company based in South Africa, was purchased by Deel.
PaySpace offers HR and payroll services in multiple countries with integrated compliance, catering to businesses of all sizes and sectors. With over 14,000 clients, including multinationals like Heineken, Coca-Cola Beverages, and Puma Sports SA, it operates in 44 countries worldwide.
On the other hand, San Francisco-based Deel is a payroll and compliance provider that assists businesses in streamlining all facets of managing a global workforce, including onboarding, culture, local payroll, compliance, and individual management. It oversees payroll teams that are located within the country and owns over 130 national entities.
Deel, the first global payroll and Employer of Record (EOR) with its own full-stack payroll engine localized in 50 countries and integrated into its offering, will become the first after paying an undisclosed sum to acquire PaySpace.
“Global payroll is hard to do and critical to get right. As a company, you want assurances you can pay your teams on time, compliantly, anywhere in the world. PaySpace’s single-platform payroll expertise and breadth of coverage, particularly in Africa and the Middle East, combined with PayGroup’s presence in APAC, will give Deel customers the reach they need to grow their businesses globally. Our long-term vision is to be the most comprehensive payroll system in the world,” said Deel co-founder and CEO Alex Bouaziz.
Director of PaySpace Clyde van Wyk stated that both PaySpace and Deel aim to advance their offerings through disruption.
“We set out to modernise the payroll industry, which was burdened by manual processes and stringent legislative and compliance requirements, much like Deel revolutionised global hiring. This acquisition brings together leading employment services and payroll technology expertise, delivering a unique and powerful customer offering with unrivaled automation, flexibility, and scalability,” he said.
